Bunker fuel prices are expected to continue mixed movements or edge down next week, the market specialist Marine Bunker Exchange said in its bunker review.
Brent crude oil rose after the release on Thursday from detention of Libya’s Prime Minister Ali Zaidan, underlining concern that the North African countries may struggle to maintain oil output amid upheaval and challenges to the government’s authority. The Prime Minister had been taken early in the morning on Thursday from his hotel by a militia. Libya is holding Africa’s biggest oil reserves and is a member of OPEC (the Organization of Petroleum Exporting Countries). Libyan production dropped to as little as 150.000 barrels in September, compared with this year’s high of 1.4 million in April, according to IEA, International Energy Agency’s report. The production has now risen to as much as 700,000 barrels of oil per day so far this month. Also five of Libya’s nine export terminals were operating as of October 7.
Crude also gained today amid signs of progress in the US capital in efforts to reach an agreement on a new debt limit. Congressional leaders are willing to accept a short term increase in the country’s $16.7 trillion debt ceiling, taking a step toward averting a default, according to aides for both Republican and Democrats. The US lawmakers indicated they are open to a short term increase in the debt ceiling, and potentially ending the crises.
The geopolitical situation in Nigeria is still problematic. Shell Nigeria said on Wednesday it had shut its Trans Niger Pipeline after reports of leaks, deferring 150,000 barrels per day of crude oil just 10 days after the pipeline was re-opened.
Over the past three weeks, crude stockpiles have increased by a total of 14.9 million barrels, according to the US Energy Information Administration, the biggest three week increase since April 2012.
For next week expect oil prices to go sideways . After October 17th we don’t know how the US budget will affect the market in case of default.
|
Product |
380 cSt HSFO |
380 cSt LSFO |
|
|
|
|
|
Rotterdam 2013-10-10 |
587 |
603 |
|
Rotterdam 2012-10-10 |
622 |
663 |
|
|
|
|
|
Gibraltar 2013-10-10 |
602 |
640 |
|
Gibraltar 2012-10-10 |
645 |
705 |
|
|
|
|
|
St Petersburg 2013-10-10 |
390 |
420 |
|
St Petersburg 2012-10-10 |
475 |
565 |
|
|
|
|
|
Panama Canal 2013-10-10 |
607 |
671 |
|
Panama Canal 2012-10-10 |
655 |
845 |
|
|
|
|
|
Busan 2013-10-10 |
638 |
733 |
|
Busan 2012-10-10 |
668 |
839 |
|
|
|
|
|
Fujairah 2013-10-10 |
615 |
730 |
|
Fujairah 2012-10-10 |
635 |
- |
All prices stated in USD / Mton
All time high Brent = $147.50 (July 11, 2008)
All time high Light crude (WTI) = $147.27 (July 11, 2008)
|
Product |
Close Oct. 09 |
|
Light Crude Oil (WTI) |
$101,61 |
|
Brent Crude Oil |
$109,06 |